How Much Do You Need for Retirement
How many people actually go through the
process of calculating how much they'll need for retirement? According
to the Employee Benefit Research Institute, only 37% of Americans
have tried to calculate this amount. Of those who tried, only
34% used a form or worksheet to calculate the number. About 5%
just guessed at the amount, 2% used a number they heard somewhere,
and 9% didn't know how they came up with the figure (Source: Retirement
Confidence Survey, 2003).
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It's Not Too Late
Don't just give up on your retirement goals
if you find you've entered middle age with little to no retirement
savings. Sure, that will make it harder to reach your retirement
goals than if you had started saving in your 20s or 30s, but here
are some strategies to consider.
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Your Checklist for Retiring
Retirement is a time of major change in your life, possibly requiring changes to many aspects of your finances. When your retirement is a year or so away,
follow this checklist to make sure all your financial arrangements
are in place.
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The Case for Bond Ladders
With rates at historically low levels, does
it make sense to invest in long-term bonds? On the other hand,
interest rates on short-term bonds are so low that you might not
be able to keep ahead of inflation with them. What should a bond
investor do in this interest rate environment? Consider using
a bond ladder. Once implemented, this strategy will eliminate
the need to think about the future direction of interest rates.
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Selecting a Guardian
If you have minor children, the most important
reason to plan your estate is to ensure proper provisions are
made for your children. While it can seem overwhelming to deal
with all the issues involved, consider what would happen if you
died with no provisions. At that point, your children's guardian
would be determined by the courts and there may not be adequate
funds available until they reach adulthood, leaving them dependent
on the goodwill of relatives.
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David K. Sebastian is the Team Leader of the Physicians Wealth Management Group and specializes in working with individual physicians and group medical practices. He has more than twenty-five years of experience and derives tremendous satisfaction providing advice and management for a wide array of clients’ concerns from tax reduction to asset protection, insurance, investment, retirement and estate planning.
Commitment to his clients’ financial needs and well being is a primary motivation for David.
The Physicians Wealth Management Group was specifically created to address and manage all of the unique financial challenges that doctors are facing both individually and through their group medical practices.
Just as most Physicians are specialists, what we have discovered is that most prefer to work with experts that not only understand their personal situation, but who also are proactive in developing and implementing the strategies required to remedy them.
Feel free to contact me via e-mail at
dsebastian@sfr1.com
or call me at (973) 285-3600
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